How Much Does an Injury in the Workplace Cost in Florida?
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As an employer, it’s important to know what to expect following a workplace accident in Florida. For example, how much does an injury in the workplace cost, and how can you lessen the long-term effects?
There are considerable costs of workplace accidents in Florida. When employers have Workers’ Compensation insurance, benefits come from their carriers, not out of their own pockets. Workers’ Compensation insurance typically covers medical expenses and a portion of lost wages in Florida. Employers without coverage are vulnerable to workplace accident lawsuits, which can be very expensive. To avoid the long-term costs of workplace accidents, such as higher premiums and difficulty finding coverage, employers in Florida can partner with our skilled brokers for Workers’ Compensation insurance.
We’re here to help companies throughout Florida mitigate the cost of workplace accidents by getting comprehensive Workers’ Compensation insurance. To learn more about how the Florida Workers’ Compensation insurance brokers at NPN Brokers can help you, call us today at (866) 340-9120.
How Much Do Workplace Injuries Cost and How Are They Covered in Florida?
When workers are injured on the job in Florida, they might sustain economic damages that require compensation. If an employer has the necessary Workers’ Compensation insurance, employees can simply file a claim to recover compensation for eligible damages.
Typically, Workers’ Compensation in Florida compensates injured employees’ medical bills and a portion of their lost wages from a workplace accident. The exact amount of lost wages covered will likely depend on the severity of an employee’s injuries, their average weekly wages, and the amount of time they will be unable to work. Injured workers will usually receive about two-thirds of their average weekly wage from Workers’ Compensation insurance. To mitigate these costs for their carriers, employers can introduce transitional jobs that help injured employees return to work sooner in Florida, effectively reducing their Workers’ Compensation benefits.
Workers’ Compensation insurance in Florida does not cover losses for non-economic damages like pain and suffering. The only costs covered by Workers’ Compensation insurance are medical bills and a portion of lost wages.
When you have Workers’ Compensation insurance, your carrier will pay out claims to injured workers. All you have to do is pay your monthly premiums and maintain coverage. By getting comprehensive coverage from our Florida Business Workers’ Compensation insurance brokers, you don’t have to worry about covering the cost of workplace injuries out of pocket.
How Much Can Workplace Injuries Cost if You Don’t Have Workers’ Comp Insurance in Florida?
If you don’t partner with our brokers and are uncovered when an employee is injured at work, the cost of their injuries might be extreme. Without Workers’ Compensation insurance, you might leave your company vulnerable to lawsuits after workplace accidents in Florida.
Workers’ Compensation insurance only covers medical bills and a portion of lost wages and does not cover damages for pain and suffering. This effectively limits the amount injured employees can recover for workplace injuries if their employers have the necessary insurance. If you’re uncovered and an employee is injured on the job, they might be able to file a lawsuit for compensation. In such cases, injured workers may recover compensation for all economic damages, such as medical bills, lost wages, as well as compensation for pain and suffering.
When injured workers sue because an employer doesn’t have Workers’ Compensation insurance, the result can be expensive. Because there’s no limit on how much-injured workers can recover in a workplace injury lawsuit in Florida, companies may be personally responsible for compensating employees. Suppose you purchase coverage from our Florida Workers’ Compensation insurance brokers. In that case, the issue of litigation is eliminated, as filing a Workers’ Compensation claim is often injured workers’ sole recovery method if covered in Florida.
If you don’t have Workers’ Compensation insurance, the cost of an employee’s injuries can be high, and it may be your responsibility to cover it. That is why getting the necessary insurance to protect your business in Florida is always important.
What Are the Long-Term Costs of Workplace Injuries in Florida?
When workplace injuries happen, there are often long-term costs for employers in Florida. In order to mitigate the negative effects of a workplace accident, employers can partner with our experienced brokers to find affordable coverage in Florida.
After a workplace accident resulting in injury in Florida, your Workers’ Compensation insurance carrier might assess your premiums in an audit. During an audit, a carrier will likely consider the number of injuries your employees sustained in the past year and their severity. Even one workplace accident might result in higher premiums for your company. So, what can you do? To prevent your premiums from increasing too much, you should find affordable insurance from the get-go. Our brokers can pair you with a policy that doesn’t require audits, contracts, or deposits, enabling you to handle the aftermath of a workplace accident in Florida more easily.
Difficulty Finding Coverage
Once a workplace accident happens, your company might be labeled as high-risk. Several workplace injuries in a year can come with a considerable cost. For example, your carrier might drop your coverage. Should that happen, contact our brokers. Our Florida Small Business Workers’ Compensation insurance brokers can help you find a policy, despite a history of workplace accidents. You may even be able to get a pay-as-you-go plan that’s based on current payroll numbers instead of broad annual estimates. While finding coverage can seem difficult after a workplace accident, it is possible with help from our skilled brokers.
Partner with Our Florida Brokers to Get Workers’ Comp Insurance Today
If you need Workers’ Compensation insurance for your business, our brokers can help. To learn more about the Florida Workers’ Compensation insurance brokers at NPN Brokers, call today at (866) 340-9120.